Sunday, June 12, 2016

Supreme Shutdown

The Supreme Court declined to hear the appeal, leaving in place a lower court’s order confirm­ing the award, which concerned a deal to develop oil fields in the Amazon region, accord­ing to the high court’s June 6 order.

The U.S. Court of Appeals for the District of Colum­bia Circuit held that U.S. investors could bring arbitra­tion claims against Ecuador even for disputes that began before the two countries’ bilat­eral invest­ment treaty (BIT).

By declin­ing to take up Ecuador’s appeal, the Supreme Court will let the D.C. Circuit’s decision stand. Chevron released a state­ment welcom­ing the Supreme Court’s decision; counsel for Ecuador did not immedi­ately respond to a request for comment from Bloomberg BNA.